NEW YORK, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired AlloVir, Inc. (“AlloVir” or the “Company”) (NASDAQ: ALVR) securities between March 22, 2022 and December 21, 2023, inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the posoleucel Phase 3 Studies were unlikely to meet their primary endpoints; (ii) as a result, it was likely that AlloVir would ultimately discontinue the posoleucel Phase 3 Studies; and (iii) accordingly, AlloVir overstated the efficacy and clinical and/or commercial prospects of posoleucel.

The Complaint further alleges that on December 22, 2023, AlloVir announced that it was discontinuing the posoleucel Phase 3 Studies after pre-planned analyses concluded they would not meet their primary endpoints and stated that it would explore strategic alternatives for AlloVir. On this news, the price of AlloVir stock fell more than 67%, according to the complaint.

Investors who purchased or otherwise acquired shares of AlloVir should contact the Firm prior to the March 19, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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